Business Bankruptcy Law | Small Business Bankruptcy Laws

Owen drops out of school before he completes his college education and starts his own business. Five years later, Owen files for bankruptcy under Chapter 13. Owen will obtain a discharge of all debts provided for by the Chapter 13 plan if the value of the property distributed under the plan is greater than what would have been available in a liquidation and

a. if he fails to make all payments due to events beyond his control.
b.if he stays in business for at least five years.
c. if he takes out a student loan and returns to school.
d. under no circumstances.

Keep getting turned down but we are not behind on anything and always pay our bills on time. No defaults, no bankruptcy, relatively good and stable income, but high loan to credit limit ratio, and a couple of recent over the limits while trying to rob Peter to pay Paul, last year was behind on student loan, now caught up! Tired of having to say no to our children when they ask for the smallest things. No breathing room to even go out to eat or a show, not to mention we haven’t had a vacation in over 3 years. I have a part time job that helps some. I work everyday my wife works about 50 hours per week, Missing out on my wife and kids. We are makin it but life has to get better than this. Our relationship is strained. We are gettin tired!
Category
Business & Finance > Personal Finance

I was approved for ssi early 2009, I only received 1 back support lump chk but not ongoing as my husband got a promotion that put us over monthly allowed income. Do I have to claim this as income or anywhere on the tax form? I usually do short forms since becoming disabled. I used to itemize with small business before but not sure what I should bother with now. I also had my student loan forgiven discharged, do I count that loan amount as some type of ‘benefit’ or income similar to when people file bankruptcy counts that discharge taxable? I read that someplace about bankruptcy, no that doesn’t apply here. Just the ssi’ benefit & student loan discharge. Or do they even need mentioned in short form.? Thank you.

I recently got some backpay from my student loan..it was about 4,000 dollars because they had been overcharging me the whole year I had been going there. Most of the time I would have just sent my money back to the bank, but this time I needed it. I had to get surgery, and I’m trying to start a home business so I needed the money. My husband and I are claiming bankruptcy, and the lawyer needs all of my income statements. I just recently opened the account to cash that 4,000 dollars, and haven’t told him about it yet. I am just scared that he will count it as income, and if he does we will be ineligble for the bankruptcy. I have told him that I have student loans, so shouldn’t I be in the clear? I still owe that 4,000 back to the bank, so it shouldn’t count as income, right?

I’ve had perfect credit since I was a teenager. Last year we opened a business and it has failed miserably. We have tried selling it with no luck as the lease is too high. We just lowered the price dramatically but my lawyer says only give it a few weeks at the low price then I’ll have to file personal bankruptcy.
It makes me sad but I have no choice. Only I am filing, not my husband. Most of our debts are in both of our names which will transfer to him. But, the store lease, our back store rent, my credit cards and some of my student loan could go into the bankruptcy. I will be bankrupt for 9 months and then discharged. It will be on my file for 6 years after discharge. I’m in Canada.
I’m scared that it will affect our home as when it comes up for renewal my husband may not qualify on his own. Do you have to requalify at every mortgage renewal or are you safe for the 25 year term as long as you pay every month?
We have 5 children and I just need some peace of mind.